High-speed steel bits are cutting tools made from a special type of steel that can withstand high temperatures and maintain sharpness. They are commonly used in drilling and machining applications due to their durability and ability to cut through various materials, including metal and wood. These bits are designed to operate at high speeds, which increases efficiency and reduces the time needed for tasks. High-speed steel bits are often preferred in workshops and manufacturing settings for their reliability and cost-effectiveness compared to other materials like carbide or cobalt.